Raising Debt & Equity Capital

Conference Content:

08:30 Coffee & Registration

09:00 Chairman’s Opening Remarks

Nicholas Haag, Head of Equity Capital Markets UK, The Royal Bank of Scotland

09:10 IPOs

Kevin Desmond, Senior Director, PricewaterhouseCoopers LLP

• Why IPO?
• Preparing the way
• The IPO process and the importance of due diligence
• Financial reporting challenges
• A new life begins

09:40 Convertibles, Warrants & Preference Shares

Simon Roue, Head of Equity-linked Origination EMEA and Asia, Deutsche Bank

• Growth in convertible bond financing for UK corporates in 2009/2010 – case study on British Airways
• Monetising government assets – the use of equity-linked and warrants as disposal strategies
• Equity-linked and contingent capital
• Convertible Bonds as a developing asset class in 2009/2010: corporates and financial institutions in the UK
• Convertible Bonds as a financing tool for UK Corporates and the growth in 2009 issuance
• Equity-linked instruments for Financial Institutions: the Lloyds Banking Group example
• Equity-linked instruments for Financial Institutions: UKFI and the banking bail out
• Looking forward into 2010/2011. The development of new markets

10:10 Rights Issues / Placings / Open Offers

Robert Pierce, Head of Equity Capital Markets and M&A, Lloyds Banking Group

• Debt and equity markets since 2008 – expected to remain the main sources of capital
• The search for re-investment opportunities in equity
• Restructuring in 2009, emphasis on growth as a priority for 2010
• The role of the UK equity markets in funding growth
• M and A opportunities at attractive valuations
• Private equity exits (through IPOs) and secondary sell-downs (by governments and private equity)
• Competition from emerging market equity issuers

10:40 Morning Coffee

11:00 Bond Issuance

Tim Armstrong, Director – Corporate Finance Debt Advisory, Deloitte

• Overview of the corporate bond market: investment grade and high yield
• Recent bond issuances
• Corporate balance sheets: changing dynamics as a result of the credit crunch
• Issues for corporate in issuing bonds

11:30 International Dimension Including Depositary Receipts

Peter King, Partner, Weil Gotshal & Manges

• The internationalisation of capital markets
• Structures for dealing in securities internationally
• Depositary receipts
• Clearance and settlement
• Passporting

12:00 Debt Restructuring Issues

Simon Davies, Managing Director, The Blackstone Group International Ltd

• Current trends in restructurings
• Pitfalls of recent restructurings for investors
• Impact of current lending trends on restructurings
• Risk profile of future deals vs. deals being restructured now?
• How can investors find value in distressed investments

12:30 Lunch

14:00 Take Privates

Adrian Maguire, Partner, Freshfields Bruckhaus Deringer LLP

• Introduction to takeovers by financial sponsors
• Differences between takeovers by financial sponsors and corporates
• Competitive nature of take-privates – tie up the deal early
• Structuring and diligence – impact of leverage
• The management deal – approaching management
• Concert party analysis
• Reducing the equity cheque by “teaming up”
• Getting a bank syndicate together
• Where next?

14:30 Private Equity

Stuart Miners, Director, 3i

• When private equity is the best solution
• How to make it work for you
• What to expect and how to prepare
• Due diligence – value add or ticking boxes?
• Context in the broader economy
• The exit and refinancing bottle neck
• Changing dynamics and the road ahead

15:00 Afternoon Tea

15:15 Debt Finance in Corporate Acquisitions Including Syndicated Loans

Stuart Fidler, Managing Director, Societe Generale

• Evolution of the M&A and corporate acquisition financing markets
• Underlying trends in the wider syndicated loan market
• Structural developments in acquisition financing through the latest economic cycle
• Liquidity and the changing banking landscape
• Price premia for acquisition deals
• Likely future evolution of the corporate acquisition financing market

15:45 Equity Restructuring Including Demergers & Spin-offs

Will Pearce, Partner, Herbert Smith LLP

• Recent trends in the restructuring of listed companies
• Rationale for demerging
• Demerger structures: direct, indirect and scheme
• Separation issues
• Listing the demerged entity

16:15 Senior & Mezzanine Debt

Luke Reeve, Executive Director, Ernst & Young LLP

• The competition for capital
• The challenges for the bank market
• Debt Capital Markets Update
• To rate or not to rate?
• What is the risk free rate?
• The case for inflation-linked debt?

16:45 Chairman’s Closing Remarks